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2026-03-31-accounts

Registered Charity Number: 1190590

Daring to Dream

Trustees’ Annual Report and Financial Statements Year ended 31 March 2026

DARING TO DREAM

INFORMATION

YEAR ENDED 31 MARCH 2026

Registered Address 4 Ynys Bridge Court
Gwaelod y Garth
Cardiff
CF15 9SS
Trustees: Barbara Chidgey (Re-appointed July 28, 2024) - Chair
John Chown
Ross Evans (Resigned September 22, 2025
Dr Navroz D Masani (Re-appointed July 28, 2024)
Bankers: Triodos Bank
Deanery Road
Bristol
BS1 5AS
Independent Examiner Bevan Buckland
Ground Floor, Cardigan House,
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA
Charity Registration Number 1190590

DARING TO DREAM

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2026

Page
Trustees’ Annual Report 1 - 14
Independent Examiner’s Report 15
Statement of Financial Activities 16
Balance Sheet 17
Notes forming part of the financial statements 18 - 22

DARING TO DREAM

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2026

The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the year ended 31 March 2026.

The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

Constitution

Daring to Dream was registered as a Charitable Incorporated Organisation with the Charity Commission on 28 July 2020 with charity registration number 1190590.

Introduction to the Trustees’ Annual Report

The financial year 2025-2026 stood as a pivotal, challenging, and ultimately highly successful period of transformation for Daring to Dream.

Pivoting Towards Resilience and Sustainability

Following the Trustees’ decision in late autumn 2024 to prioritise our long-term resilience, building a sustainable organisational infrastructure became our core focus. Supported by our newly formed Advisory Network and the Cranfield Trust, months of consultation and rigorous financial forecasting culminated in a robust, forward-looking Business Plan.

This strategic roadmap addresses our most critical point of change: transitioning Daring to Dream from an organisation operationally dependent on its dedicated founder and volunteer CEO, to one led strategically by an expanded Board of Trustees and delivered operationally by a contracted team. Implementation began in earnest during the latter part of the financial year as we commenced recruitment for our new operational contractors.

Elevating Our National Influence

Alongside this internal governance shift, we successfully accelerated our external engagement, visibility, and influence across Wales. Looking back over the six years since registering as a CIO, I am profoundly proud of our collective efforts. Together, we continue to dismantle health inequalities by championing the emotional health of the 1.2 million adults in Wales living with chronic or acute physical illness. When I look objectively at our progress, the scale of what we are achieving together is truly remarkable.

Acknowledgements and Thanks

None of this transformation would be possible without our extraordinary network of support. Our sincere thanks to Ross Evans for his contribution as a trustee during the year. My deepest, heartfelt thanks go to my fellow cofounding and dedicated Trustees, Dr Nav Masani and John Chown, our established Advisory Network, our growing team of ambassadors, supporters and freelance contractors, our corporate partners, and the NHS Wales clinical teams we collaborate with daily.

Most importantly, I thank our beneficiaries and their families, who remain the absolute heart of our mission as we continue to create essential Spaces to Talk and Spaces to Sing in hospitals in Wales.

By softening the harsh edges of a medical diagnosis, we are not changing the clinical prognosis—but we are fundamentally changing the human experience of illness. We are ensuring that while medicine treats the body, Daring to Dream supports the soul.

Barbara Chidgey

Chair, Daring to Dream

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TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2026

Principal Activity and Public Benefit Statement

The Trustees are fully aware of the Charity Commission’s statutory guidance on public benefit and have due regard to it in the administration of the charity. Daring to Dream ensures that all activities undertaken directly advance its charitable objects for the public benefit across Wales.

The charity’s principal activity is:

“The advancement of health for the public benefit by promoting the emotional health and well-being of individuals (aged 16 years and above) who are under the care of hospital clinics in Wales.”

Objectives and Activities

The charitable objects of Daring to Dream focus on supporting the emotional health and wellbeing of adults in Wales living with physical illness. To achieve this, our core related activities are structured across three strategic pillars:

  1. Raising Awareness : We drive national conversations to highlight the critical importance of good emotional health for living well with physical illness. This is actively achieved through our digital platforms, content-rich website, social media channels, tailored marketing narratives, wide-ranging public engagement events, and expanding participation in healthcare conferences.

  2. Making ‘Spaces to Talk’: We create non-clinical, interior-designed ‘safe havens’ within hospital ward areas for patients, their relatives, and the frontline staff who care for them. Daring to Dream collaborates with different clinical areas, in different hospitals and health boards to transform and make Spaces to Talk across three specific categories: a) Patient dayrooms on wards, b) Relatives’ Rooms, and c) Quiet Rooms.

These safe, comfortable, and comforting environments are intentionally designed so they do not look or feel like medical spaces. Instead, they act as an emotional refuge—providing a relaxing sanctuary for relatives keeping bedside vigils, a comforting space for patients to connect, and essential privacy for the difficult clinical conversations that occur when individuals are at their most vulnerable. The Quiet Rooms, in particular, offer critical privacy and a ‘safe space’ to share feelings, ask questions, and process clinical advice outside the clinical gaze.

  1. Creating ‘Spaces to Sing’: We deliver live music initiatives to boost emotions, initiate conversations, and connect people socially. This is achieved through contracting professional musicians to deliver ward sessions and through Lleswyl , our flagship hybrid and live-streamed annual wellbeing festival. Lleswyl brings the transformative power music (performed by diverse and engaging Welsh artists) and conversation, directly into the homes of those isolated by illness, while simultaneously providing the charity with a powerful platform to raise awareness about living well with long-term conditions.

Our Mission, Values, and Vision

DARING TO DREAM TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2026

Achievements and Performance

1. Raising awareness of the need to support the emotional health and wellbeing of those living with illness

During the financial year ending 31 March 2026, Daring to Dream significantly extended its public reach, national visibility, and political influence across Wales. Central to this success was a strategic "soft re-brand" launched in October. We formally adopted the identity Daring to Dream, the Emotional Health Charity, allowing us to establish a clear, continuous narrative that differentiates a natural human emotional response to illness from clinical mental health.

Through deep engagement with health boards, politicians, and the public, our primary awareness milestones this year included:

Alongside senior clinical cardiac teams, we hosted a comprehensive discussion on our purpose and toured our transformed non-clinical environments, demonstrating the immense impact of dedicated ‘Spaces to Talk’. - https://daringtodream.wales/2025/09/07/daring to-dream-welcomed-david-holdsworth-ceo-of-thecharity-commission/

Sarah Murphy MS, affirming the contribution of Daring to Dream

A resounding thank you to the Postcode Community Trust for your support.

DARING TO DREAM TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2026

This pilot work is now being taken forward to develop a regular podcast series.

The following day, Sarah Murphy MS visited the hospital in person to tour the space and discuss our model for embedding music and non-clinical environments directly onto eldercare wards.

Lleswyl remains a cornerstone of our national mission, connecting isolated individuals and powerfully raising awareness of emotional health across Wales.

Lleswyl 2026 is on demand – please watch.

2. Making ‘Spaces to Talk’: The creation of non-clinical, interior-designed ‘safe havens’ in hospitals for patients, their relatives and the staff who care for them

Bringing physical sanctuary projects from initial concept to completion is a complex and lengthy process. Daring to Dream works in close, prolonged consultation with NHS hospital Capital & Estates directorates alongside frontline clinical teams. Intense operational pressures within the healthcare system routinely impact our desired timescales, and as a charity, we must also independently secure the funding required to deliver every transformation.

Despite these challenges, the financial year ending 31 March 2026 was still a period of exceptional progress and physical expansion across multiple Welsh health boards:

We were absolutely delighted by the official opening of the Leri Cancer Unit in Aberystwyth in May 2025. Daring to Dream funded the creation of the Bluebell Room within this unit—a bespoke, comforting sanctuary designed to soften the clinical edge of oncology environments.

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"Young adults with cancer living in Ceredigion, Powys and South Gwynedd are benefiting from having an environment that will feel comforting and less clinical, for discussions around their care. It will also provide an area for specialist young adult cancer professionals to meet locally with them... The Leri Cancer Unit team, Bronglais General Hospital and Hywel Dda University Health Board are delighted to have been offered this funding by Daring to Dream to provide the Bluebell room." — Rachel Bran, Senior Sister, Leri Cancer Unit

Providing an emotional refuge for families and clinical teams to navigate vulnerable discussions is the very raison d’être behind our mission to make spaces to talk.

A monumental milestone was reached in November 2025 with the completed refurbishment of the first patient dayroom on Ward 5 (Acute Care for the Elderly) in Bridgend. This project successfully turned a stark medical environment into a warm, sensory, and uplifting communal space for older patients, their families, and ward staff.

This achievement was made possible through the generous support and collaboration of the Bridgend Camera Club, The Lions Club of Bridgend, and the Moondance Foundation.

The profound impact of this physical environment is captured beautifully in our short film, Spaces to Talk and Sing at Princess of Wales Hospital , which serves as a powerful testament to our on-the-ground outcomes.

Behind the scenes, significant strategic work progressed to advance our pipeline at Wales’s largest hospital. We successfully finalised designs, clinical agreements, and targeted fundraising for two upcoming, essential rooms at UHW:

Our waiting list for new 'Spaces to Talk' continues to grow as clinical demand intensifies. Throughout the year, we conducted numerous diagnostic site visits to diverse clinical directorates across several hospital sites. We extend our warmest thanks to the capital, estates, and clinical personnel across Cardiff & Vale, Cwm Taf Morgannwg, and Hywel Dda University Health Boards for generously giving their time, willingness, and clinical insight to help us co-design our future environments.

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YEAR ENDED 31 MARCH 2026

3. Creating ‘Spaces to Sing’:

Promote engagement with music and facilitate activities as a means to boost emotions and initiate conversations, supporting the wellbeing of patients at home and in hospital

Music holds immense non-clinical and social power. Throughout the financial year ending 31 March 2026, Daring to Dream successfully expanded its music initiatives across hospital environments and digital platforms to alleviate the deep isolation of physical illness, manage stress, and facilitate meaningful patient connection.

Our fortnightly Spaces to Sing sessions have become well-established and highly successful features on the hospital’s Care for the Elderly and Dementia wards. Delivered by exceptional undergraduate musicians from Bridgend College, these sessions ran throughout the year (with scheduled breaks over the Christmas and summer holidays).

The profound impact of this work has been prominently detailed by Catherine Theron, previously Head of Acute Nursing at the Princess of Wales Hospital.

Seeing young students connect so deeply with elderly patients and bring genuine joy to the wards is an immense highlight. Crucially, this initiative has provided us with a proven, scalable 'model' that we plan to roll out across Cardiff & Vale University Health Board, initially targeting the University Hospital of Wales (UHW) and subsequently University Hospital Llandough (UHL).

We extend our sincere gratitude to Tŷ Cerdd and the Fund for Wales for providing the vital funding that sustains this project.

Moving beyond inpatient wards to explore new models of creating Spaces to Sing, we held three series of standalone workshops in June, September, and December. Taking place in the peaceful environment of The Sanctuary at UHW, these sessions were specifically focused on outpatients and were delivered with the strategic support of Cardiothoracic and Nephrology nursing staff, the Chaplaincy, and the Head of Volunteering and Patient Experience.

The workshops proved to be an overwhelming success. Within a single hour, attendees successfully learned and performed cohesive group renditions of classic tracks such as Van Morrison’s ‘Brown-Eyed Girl’ and Calum Scott’s ‘You are the Reason’ , alongside engaging vocal warm-ups.

The immediate emotional benefit was evident in the smiles and shared connection at the end of each session, proving music's capability to help individuals’ express emotions and navigate the stress of long-term clinical pathways. The insights gained from these outpatient workshops provide valuable learning as we plan future services.

Marking its historic five-year anniversary, our annual wellbeing festival, Lleswyl, successfully transitioned into a highly sophisticated hybrid event on 20 February 2026.

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YEAR ENDED 31 MARCH 2026

Broadcast live from the Paget Rooms in Penarth, the festival welcomed a vibrant in-person studio audience while simultaneously livestreaming to viewers across Wales and beyond on YouTube at no cost for online attendance.

Hosted by Siân Lloyd, Jason Harrold, and Tumi Williams, Lleswyl 2026 delivered an exceptional and diverse line-up of Welsh artistic talent. The evening featured a powerful mix of returning festival favourites and new acts, including Afro Cluster, a haunting performance by Casi Wyn with Sinfonia Cymru, the New Orleans brass sounds of Band Pres Llareggub, Black Welsh Music Awards co-founder Ify Iwobi, Caldicot’s Rusty Shackle, N’famady, Soul Lotta Funk, folk icons Ar Log, and Dr and the Medics.

A major milestone was also achieved by featuring live, in-studio performances from our talented Bridgend musician team: Ffion Parry, Lylia Young, Lili Richards, and Naomi Sian—making them our firstever live, on-stage Lleswyl performers.

Our ‘Event Highlights’ reel gives a brief insight to a special evening.

The music was masterfully blended with inspiring live conversations. Clinicians, patients, families, and carers shared uplifting, honest accounts of navigating physical illness, illustrating the critical role of emotional health in recovery and in living life to the full, even with a chronic or life-limiting condition.

"Absolutely fabulous event; incredibly professional and the films were so informative and touching. The music was wonderful too... I learned so much during the evening and now understand much more fully about emotional health, how it differs dramatically to mental health, and how vital it therefore is to provide spaces to talk and spaces to sing. The work of Daring to Dream is so inspiring and very much needed across the whole of Wales."

Exploring the future of emotional care, we also welcomed Dr Esyin Chew, Director of the EUREKA Robotic Centre at Cardiff Metropolitan University, along with members of her team and their non-clinical robots, to discuss the innovative, supportive role technology can play in enhancing patient emotional health in hospitals.

Listen to Dr Chew talking about the role of robots here

The entire festival remains fully accessible to enjoy on demand via our Event Highlights reel and our dedicated YouTube channel.

• Previewing the First Official Charity Single — Here Together:

Lleswyl 2026 provided the perfect national platform to preview our first-ever official charity single, Here Together . This incredible, moving track was completely written, performed, and recorded by Lylia Young and Ffion Parry—two of our remarkably talented, contracted Bridgend hospital musicians.

Their creative contribution to this project has been immense, and the single serves as a beautiful, highvisibility vehicle to promote their talent while highlighting the emotional impact of illness, the work of Daring to Dream, its benefits, across the country and beyond.

– Daring to Dream Here Together

DARING TO DREAM

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2026

Financial Review

Financial Performance and Results for the Year

The charity's total income for the 2025–2026 financial year was £74,623 (compared to £77,996 in 2024–2025). While overall revenue remained relatively stable year-on-year, total receipts fell £28,677 short of budgetary projection (£103,300). This variance is primarily attributed to two timing differences:

Total expenditure for the year stood at £68,608, resulting in an operating net surplus of £6,015. Net incoming funds are retained to fulfil multi-year commitments.

Income Generation and Revenue Streams

Daring to Dream continues to diversify its funding base to ensure long-term financial resilience. The breakdown of incoming resources for 2025–2026 is detailed below:

Income Source Amount (£) % of Total Amount (£) % of Total
Grants £26,669 35.8%
Individual Donations & Fundraisers £21,505 28.8%
Fundraising Events & Sales £10,869 14.6%
Donated Services (Sponsorship In-Kind) £5,000 6.8%
Corporate Donations & Sponsorship £4,564 6.1%
Gift Aid Reclaimed £4,020 5.4%
Project Management Fees £1,750 2.4%
Investment income £247 0.1%
Total Income £74,623 100.0%

Sponsored and Individual Giving

The charity experienced sustained growth in its grassroots supporter base. Income from individual donations and self-organised supporter events (such as half-marathons) expanded over the period. The Trustees express their profound gratitude to the community whose voluntary contributions remain fundamental to our operational delivery

Corporate Partnerships

Corporate alliances yielded essential support, including financial contributions and sponsorships from key partners:

Grant Funding & Sustainable Capital Strategy

The Trustees approach institutional funding with precise strategic intent. Over the 2026–2028 business planning cycle, grant revenue is treated as a foundational stepping stone toward permanent financial self-sustainability, supporting our long-term vision to become entirely grant-independent.

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Commercial Transition & Monetisation

In line with our objective to eliminate grant dependency, the charity intentionally opted out of grant support for the Lleswyl 2026 festival. Instead, a successful transition to a commercial model was initiated:

Analysis of Expenditure and Efficiency

Expenditure during the year reflected a major transition period for the charity's operational infrastructure.

Total Spend: £68,608

Charitable Activity Expenditure

The charity expended £38,088 on direct charitable delivery, representing 55.5% of total expenditure (down from 71.4% in 2024–2025).

The Trustees acknowledge that this sits below the standard voluntary sector benchmark of 70% to 85%.

This temporary variance was driven entirely by external operational delays within our partner Health Boards. Capital commitments for three Spaces to Talk installations—one at the Princess of Wales Hospital and two at the University Hospital of Wales—were deferred by the institutions into the next financial year. This artificially suppressed direct charitable spend by £28,000 , funds which remain strictly ringfenced for complete rollout in 2026–2027.

Administrative Support and Governance Costs

Core support and administrative costs rose to £30,520 (an increase of £12,274 or 67.3% against the prior year's figure of £18,246). This planned growth was necessitated by three factors:

  1. Capacity Building: Execution of the Trustee strategic plan to transition operational delivery away from reliance on our volunteer founder/CEO toward a robust, contracted, professional delivery team.

  2. Marketing & Advocacy: Scaled investment in professional filmmaking, public relations, and stakeholder engagement events to elevate the charity's visibility and secure long-term donor networks.

  3. Accounting Adjustments: An un-preventable billing cycle alignment requiring the recognition of two years of statutory accountancy and independent examination fees within a single reporting period.

  4. 9 -

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YEAR ENDED 31 MARCH 2026

Fundraising, Stakeholder Engagement, and Income Generation

• Strategic Framework

To safeguard the charity's long-term operational resilience, the Trustees have formally approved a comprehensive Stakeholder Engagement and Income Generation Strategy as a core component of our business planning. This strategy focuses on transitioning away from transient funding models toward sustainable, multi-year revenue streams. A primary vehicle for this expansion is the development and structured support of the charity’s Ambassador Network , leveraging volunteer advocacy to deepen community roots and diversify donor acquisition without inflating core administrative overheads.

• Key Fundraising Highlights & Commercial Evolution

The Daring to Dream Ball & Charity Auction (June 2025)

Our flagship fundraising event, hosted by Jason Harrold, achieved outstanding success as both a commercial and relationship-building initiative. The evening served as a powerful platform for nurturing existing corporate alliances, creating new strategic partnerships, and elevating public awareness of our core mission.

Lleswyl 2026: Pioneering Financial Self-Sustainability

The delivery of Lleswyl 2026 represented a major strategic milestone for the charity. In alignment with our commitment to structural self-sustainability, the Trustees made a deliberate, risk-managed decision to not to seek additional Lleswyl-specific grant support for this iteration of the festival.

Instead, the beginnings of a structured process of commercial monetisation was successfully executed. The charity transitioned the festival to a hybrid delivery model, introducing commercial ticket sales for studio audience guests, establishing corporate event sponsorships, and running a highly successful raffle. Through strict cost-containment and these new commercial pipelines, the final accounts for Lleswyl 2026 achieved a structural break-even position , successfully proving the viability of our long-term funding model.

Long-Term Financial Trends

The conclusion of this financial year marks 5.5 years of operational existence for Daring to Dream. The charity has demonstrated remarkable growth, crossing a historic cumulative revenue milestone:

The Trustees are proud of this trajectory, which provides a resilient foundation for the next stage of our organisational development.

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TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2026

Structure, Governance and Management

The Board

All members are listed in the ‘Reference and Administrative Details’ section of the annual report. Their biographies can be found in the link below [Biographies of all trustees].

Each board member has a specific area of strategic responsibility that they lead; in spite of our recent expansion, we are still too small to operate with working groups and we work collectively.

Governance

A full review of some key policies, as part of our continuous policy review and revision, was completed and the following were approved by the board in August 2025: Safeguarding, including Whistleblowing, Privacy Policy, Volunteer Policy, Code of Behaviour for Volunteers, Complaints Policy. This work is always ongoing, and new policies need to be developed ahead of the charity becoming an employer-ready charity.

Implementing strategy: Throughout 2025-2026, the main focus of the work of trustees was to progress the development of strategies and a business plan to support Daring to Dream build resilience and sustainability.

Supporting Daring to Dream to increase its income, contract more trusted freelancers, and transition more operational functions from the current volunteer CEO, hence building resilience.

In 2024-2025, the board had agreed to appoint an advisory network of very experienced professionals committed to supporting Daring to Dream and its beneficiaries and had been successful in its application to Cranfield Trust for support and guidance to help us achieve the planning and begin to implement it.

Our advisory network biographies can be read here and Cranfield Trust assigned us a mentor. We are hugely appreciative of this focused, proactive and appropriately challenging support from both sources – it has been fundamental in assisting our development.

– Cranfield Trust Case Study Daring to Dream

The 2025–2028 Business Plan Pillars

With the support of our Cranfield Trust mentor and advisory network, the board established a clear direction through two strategic planning days. The final 2025–2028 Business Plan structurally includes:

In essence its key goals are:

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YEAR ENDED 31 MARCH 2026

Implementing the goals:

Key Milestones Achieved

Managing Governance & Operational Risk: Freelancer Compliance

Related Parties

During the period under review no trustee received any remuneration or claim for expenses. The charity has a clear policy that any activities which could result in a perceived conflict of interest are fully declared as and when relevant.

Statement of Trustees' Responsibilities

The trustees are responsible for the preparing the trustees' report and the financial statements for each financial period which give a true and fair view of the charity's state of affairs as at the balance sheet date and of its financial activities for that period. In preparing those financial statements the trustees are required to:

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YEAR ENDED 31 MARCH 2026

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Reference and administrative details

Charity Name: Daring to Dream is our legal entity. We refer to ourselves as Daring to Dream, the Emotional Health Charity .

Registered Charity Number: 1190590

Registered Charity Address: Unit 4 Ynys Bridge Court, Gwaelod y Garth, Cardiff, CF15 9SS

The Board Members

Appointed May 2026:

Biographies of all trustees.

Names of Key Management Personnel: Barbara Chidgey – volunteer CEO

Names of Professional Advisors:

Bankers: Triodos Bank, Deanery Road, Bristol, BS1 5AS

Independent Examiner: Bevan Buckland, Ground Floor, Cardigan House, Castle Court, Swansea Enterprise Park, Swansea, SA7 9LA

Legal Advisors : Impact Lawyers. Heritage House, Newton Road, Sudbury, Suffolk, CO10 2RL

Sustainability

The board reviewed and approved a revised reserves policy in August 2026.

The policy states that the trustees aim to maintain and retain sufficient levels of funds equivalent to 6 months of core operating costs in reserve.

This is to ensure the continued provision of our charitable objective of providing the emotional health and well-being of adult patients both those on wards and as out-patients in Wales. August 2026.

• Going Concern Statement

The trustees have reviewed the financial projections and have a reasonable expectation that the charity has adequate resources to continue operating for the foreseeable future.

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The charity’s Business Plan developed in 2025-2026, its implementation of the transition toward a contracted operational team, and the £50,000 (unrestricted) grant from the Postcode Community Trust have directly secured and strengthened the financial sustainability of the charity.

The trustees have not made use of any exemptions from disclosure of reference and administrative details within this report.

Daring to Dream does not hold any funds as a holding trustee on behalf of others.

Signed on behalf of the trustees:

Barbara Chidgey Chair / CEO of Daring to Dream

24 August 2026

INDEPÉNDENT EXAMINER'S RÉPORT TO THE TRi￿TEEs OF DARING TO DREAM Independent examinerfs report to the trustees of Daring to Dream I report to the charity trustees on my examination of the accounts of Daring to Dream (the Trust) for the year ended 31 March 2026. Responslbllltles and basls of report As the charitytrustees of the Trust, you are responsible forthe preparatlon of the accounts in accordance wlth the requirements of the Charities Act 20111.the A¢t'l. I report in respect of my examination of the Trust's account5 carried out under Sertion 145 of the Act and in carrying out my examination I have followed all applicable Direction5 given by the Charity Commission under Section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I tonfim that no material matters have cometo my attention in connection with the examination giving me cause to believe that in 3ny material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Art; or the accounts do not accord with those records: or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charitles IAccounts and Reportsl Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concern5 and have come acro55 no other matter5 in connection wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of the account5 to be reached. Henry Uoyd Davles Bevan Butkl3nd limited Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA D3te= 24 August 2026 15-

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STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2026

Note
INCOME
Charitable activities
Grants receivable
3a
Donations received
3b
Other income
3c
Investment income
3d
EXPENDITURE
Charitable activities
Total charitable costs
5
Administrative costs
6
Net income for the year
Fund balances brought forward
Transfers between funds
Fund balances carried forward		 2026 Total
£
26,669
26,354
21,354
247
74,624
38,088
30,521
68,609
6,015
47,307
-
53,322		 2025
Total
£
47,952
17,558
12,224
262
Unrestricted
£
25,000
26,354
21,354
247
72,955
23,479
29,521
53,000
19,955
3,357
(5,668)
17,644		 Restricted
£
1,669
-
-
-
1,669
14,609
1,000
15,609
(13,940)
43,950
5,668
35,678
77,996
45,485
18,246
63,731
14,265
33,042
-
47,307

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

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BALANCE SHEET

31 MARCH 2026

Notes
Current assets
Debtors
9
Cash at bank and in hand
10
Net current assets
Total net assets
Funds of the charity:
Unrestricted funds
12
Restricted funds
12
Total funds
Creditors: Amounts falling due within
one year		 £
£
967
54,169
55,136
1,814
53,322
53,322
17,644
35,678
53,322
2026		 £
£
1,162
49,351
50,513
3,206
47,307
47,307
3,357
43,950
47,307
2025		 £
£
1,162
49,351
50,513
3,206
47,307
47,307
3,357
43,950
47,307
2025
55,136 50,513
1,814 3,206
47,307
3,357
43,950
47,307

These financial statements were approved by the trustees on 24 August 2026 and signed on their behalf by:

…............................................. Barbara Chidgey

…............................................. John Chown

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NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2026

1. Accounting Policies

a) Basis of preparation

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK (FRS 102).

b) Going concern

The accounts have been prepared on a going concern basis as there are no material uncertainties over the charity's continuing operation.

c) Income

Income is recognised in the statement of financial activities when the charity is entitled to in income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income

c) Expenditure

Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. Resources expended are allocated to the particular activity where the cost relates directly to that activity.

c) Fund accounting

d) Debtors

Trade and other debtors are recognised at the settlement amount due after any relevant discount offered.

e) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

f) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any relevant discounts due.

g) Taxation

The charity is exempt from Corporation Tax on its charitable activities.

DARING TO DREAM

NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2026

1. Accounting Policies (continued)

h) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. Legal Status of the Charity

The charity is a charitable incorporated organisation (CIO) and has no share capital. In the event of the charity being wound up there is no liability for members of the charity who are the trustees.

3.
Income
a) Grants receivable(see note 4)
Community Foundation Wales
Moondance Foundation
National Lottery
Postcode Community Lottery
Ty Cerdd
b) Donations
Corporate donations
Individual donations
c) Other income
Gift Aid
Fundraising activities
Sponsorship
Project management
Miscellaneous income
d) Investment income
Bank interest
Total		 £
-
-
-
25,000
-
Unrestricted
funds		 £
-
-
-
-
1,669
Restricted
funds		 2026 Total
£
-
-
-
25,000
1,669
26,669
2,064
24,290
26,354
1,235
3,634
2,500
1,750
12,235
21,354
247
74,624		 2025 Total
£
2,000
15,000
9,979
19,160
1,813
25,000 1,669 47,952
2,064
24,290		 -
-		 8,181
9,377
26,354 - 17,558
1,235
3,634
2,500
1,750
12,235		 -
-
-
-
-		 1,670
3,260
1,750
1,654
3,890
21,354 - 12,224
247 - 262
72,955 1,669 77,996

4. Purposes of grant funds

DARING TO DREAM

NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2026

Expenditure on charitable activities
Room transformation costs
Direct
Cardiac services activities
Direct
Artiste fees and travel
Direct
Festival production costs
Direct
Engagement / awareness events
Direct
Spaces to Talk / Spaces to Sing
Direct
Expenditure on administration
Donation platform fees
Direct
Insurance
Direct
Marketing and promotion
Direct
Trustee recruitment and training
Direct
Professional development
Direct
Printing and stationery
Direct
Consultancy fees
Direct
Legal and professional fees
Direct
Project management
Direct
Accountancy fees
Direct
Software subscriptions
Direct
Website hosting, etc
Direct
Charitable donations
Direct
Bank charges
Direct
Subscriptions
Direct
Miscellaneous expenses
Direct
Net income / (expenditure) for the year
This is stated after charging:-
Independent examiner's fee
Basis of
allocation
Basis of
allocation		 2026
£
180
1,352
495
18,995
4,989
12,077
38,088
2026
£
922
308
12,519
1,200
685
162
7,115
891
1,750
3,456
938
96
-
45
360
74
30,521
576		 2025
£
10,782
600
8,287
21,794
4,022
-
45,485
2025
£
565
291
3,520
-
304
124
4,452
3,210
1,654
2,000
827
249
-
39
156
855
18,246
560

5. Expenditure on charitable activities

6. Expenditure on administration

7. Net income / (expenditure) for the year

This is stated after charging:-

8. Trustee expenses

No payment of expenses was made to any trustees for the period under review apart from reimbursement of amounts paid on behalf of the charity.

9.
Debtors
Debtors
Prepaid costs
10.
Current Liabilities
Income in advance
Loan (unsecured)
Accruals
Other creditors		 2026
£
475
492
967
2026
£
-
1,286
528
-
1,814		 2025
£
475
687
1,162
2025
£
-
1,286
1,920
-
3,206

DARING TO DREAM

NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2026

11.
Analysis of net assets between funds
Unrestricted
Core
Lleswyl
Restricted
Cardiac
UHW Critical Care
COTEPoW
PoW Music
Total funds
Summary of the above
Unrestricted
Restricted
Total funds		 Net current
assets /
(liabilities)
£
19,132
(1,488)
15,401
7,437
12,840
-
53,322
17,644
35,678
53,322		 Total
£
19,132
(1,488)
15,401
7,437
12,840
-
53,322
17,644
35,678
53,322
12.
Movement on funds
Unrestricted
Core
Lleswyl
C/YA
Restricted
C/YA
UHW Critical Care
COTE PoW
PoW Music
Total funds
Summary of the above
Unrestricted
Restricted
Total funds		 At 1 April
2025
Income
Expenditure
Other
movement
£
£
£
£
5,009
66,636
(39,240)
(13,272)
(1,652)
6,319
(13,760)
7,604
-
-
-
-
13,786
-
(3,843)
5,458
7,437
-
-
-
19,096
-
(6,256)
-
3,631
1,669
(5,510)
210
0
47,307
74,624
(68,609)
-
3,357
72,955
(53,000)
(5,668)
43,950
1,669
(15,609)
5,668
47,307
74,624
(68,609)
-		 At 31 March
2026
£
19,133
(1,489)
-
15,401
7,437
12,840
-
53,322
17,644
35,678
53,322

Unrestricted general funds may be spent generally for the furthering the charitable work of Daring to Dream. The fund in this category is the Core Fund.

The unrestricted designated Lleswyl fund is for the purposes of producing and hosting an online music festival to aid fund raising in support of the charities aims.

C/YA represents funds to support young adults, not only in cardiac care but within the care of any specialism – funds have been generated via the Ball in 2022 and the Ball in 2025 – they support gift boxes, vouchers for the coffee bars in University Hospital of Wales when a patient can get away from the ward with a key member of staff and talk in private, pilot Spaces to Sing, treats for individual patients e.g. fund an in ward birthday party for someone who can’t get home.

DARING TO DREAM

NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2026

12. Movement on funds (continued)

UHW Critical Care, UHW Cardiothoracic and B5 Quiet Room represent individual projects undertaken by the charity in performance of it’s principal charitable activities.

COTE PoW (Care for the Elderly in Princess of Wales Hospital) – this is an extensive project that is finally nearing completion, following challenging operational issues which have delayed completion.

PoW Music - this is our ‘Space to Sing’ at Princess of Wales Hospital – well established and funded from ongoing sources. In 2025-2026 these live music sessions were funded through small grants from Ty Cerdd and Fund for Wales.

13. Comparative Statement of Financial Activities - Year ended 31 March 2025

INCOME
Charitable activities
Grants receivable
Donations received
Other income
Investment income
EXPENDITURE
Charitable activities
Total charitable costs
Administrative costs
Net income / (expenditure)
Fund balances brought forward
Transfers between funds
Fund balances carried forward		 Unrestricted
£
28,089
9,192
5,164
262
42,707
27,682
15,831
43,513
(806)
6,449
(2,286)
3,357		 Restricted
£
19,863
8,366
7,060
-
35,289
17,803
2,415
20,218
15,071
26,593
(4,990)
36,674		 Total
£
47,952
17,558
12,224
262
77,996
45,485
18,246
63,731
14,265
33,042
-
47,307